With just 4 days to go until the August 2nd deadline, House Republicans have called off a vote on Speaker John Boehner's plan to raise the debt ceiling. The vote was scheduled for 6pm last night but was repeatedly delayed since Boehner didn't have the 216 votes needed to get it passed. As the plan gets re-worked, Eric Cantor is now advising members that the House will be in session this weekend. The Speaker's proposal that didn't make it to the floor, involves two steps. The first includes a $900 billion increase to raise the debt ceiling, and $917 billion in spending cuts over 10 years. The second step is a $1.6 trillion increase, which is contingent upon Congress passing an additional $1.8 trillion in cuts.
Nancy Pelosi says she hopes the delayed vote will bring Republicans back to the table to negotiate a bi-partisan, balanced agreement. In a statement, she said "Republicans have taken us to the brink of economic chaos. The delay must end now so we can focus on the American people's top priority: creating jobs and growing the economy".